Large Speculators Continue To Cut Bullish Gold Holdings – CFTC
Large speculators continued to cut their bullish Comex gold futures and options holdings, building on momentum seen in the previous report, according to the latest Commodity Futures Trading Commission weekly data.
Read moreBAML: Gold Prices Mean ‘Severe Margin Compression’ For Producers
Gold prices below $1,200 an ounce have led to “severe margin compression” for gold-mining companies, says Bank of America Merrill Lynch. The bank says current “macro-economic dynamics” could mean further pressure on gold, although it also doubts the “status quo” will be maintained and would not be surprised if at some point gold began pricing in a somewhat less hawkish Federal Reserve. Meanwhile, BAML reports on some of the sentiment from the London Bullion Market Association gathering in Peru last week. “With gold prices falling below $1,200/oz, miners highlighted severe margin compression,” BAML says. “This has increased the focus on maximizing operational efficiencies. For multi-mine producers, this can include shuttering higher cost operations; re-negotiation of contracts is another avenues pursued. Scrap supply has also fallen in reaction to declining prices, highlighting that automatic stabilizers are at work, although these have not been sufficient to stabilize gold prices for now given the acute lack of investor interest.”
GLD Came At Start Of Gold Bull Run; Demand For Gold ETFs Topped Expectations
(Kitco News) – The launch of the world’s largest gold exchange-traded fund in 2004 couldn’t have had better timing – it was still near the early part of a bull run in gold that lasted for more than a decade.
Was The October Sell-Off In Gold A Bear Trap?
Modest strength in the U.S. dollar is pressuring Comex December gold futures in early action Monday. For now, the 20-day moving average is acting as strong initial resistance for the gold market at $1,191.10 per ounce and that zone is a key short-term…
Read moreEmpire State Manufacturing Index Rises To 10.2 In November
(Kitco News) -The Empire State manufacturing survey showed that business conditions in the New York region are recovering modestly in November after a dismal October, the New York Federal Reserve said Monday.
Read moreGold Steady-Firmer On Short Covering, But Firmer U.S. Dollar Limits Upside
(Kitco News) – Gold prices are steady to slightly higher in early U.S. dealings Monday, on some mild short covering and bargain hunting following good gains posted last Friday.
Gold, Silver Start The Week Adding To Friday’s Gains
(Kitco News) – Gold and silver prices have managed to add to Friday’s gains after opening the trading week in a relatively tight range.
CIBC Analysts Lower Gold, Silver Price Forecasts, Don’t Expect Higher Prices Anytime Soon
(Kitco News) – Gold prices could be in the process of finding a floor in the marketplace but analysts at CIBC are not expecting a recovery anytime soon as they have lowered their price forecast for both gold and silver.
Read moreBarrick Posts Lower 3Q Profit Due To Lower Gold Sales, Metals Prices
(Kitco News) – Barrick Gold Corp. (TSX:ABX)(NYSE:ABX) reported net earnings for the third quarter of $125 million, or 11 cents per share, compared to net earnings of $172 million, or 17 cents per share, during last year’s third quarter.
Agnico Eagle Sees $15.1 Mln Net-Loss In Third Quarter
(Kitco News) – Agnico-Eagle Mining Ltd. (TSX: AEM)(NYSE: AEM) said late Wednesday higher exploration expenses and lower realized gold prices on sales resulted in a third-quarter net loss of $15.1 million, or 7 cents per share.
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